Federal Trust Home Equity Loans Review

ConsumersAdvocate.org Rating: 9 / 10 (Excellent)

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Federal Trust Mortgage Loans is an online marketplace that allows customers to shop for home purchase and refinance loans, as well as home equity loans. The website can connect users to a variety of lenders including J.G. Wentworth, SoFi, and Quicken among others. The company offers a quick and convenient comparison tool and the ability to apply a mortgage loan in minutes.

How is Federal Trust rated?

Breakdown

9/10

Loans

9/10

Qualifications

9/10

Reputation

10/10

Consumer Experience

Overall Rating: 9 / 10 (Excellent)

Federal Trust gets good marks from us because of two main reasons. One is the ease with which customers can apply and get quotes online. The second is the wide flexibility the company has in providing home equity options and lenders to its customers. Federal Trust's results are powered by LendingTree so they can offer home equity options from multiple lenders and marketplaces, and do this for customers of varying qualification. It does this with a quick and easy to understand online process. Federal Trust is a great option for those not sure of the type of home equity loan they'd qualify for, and who want to see the widest range of options.

Federal Trust Loans

Lender Type

3rd Party Marketplace

Loan Types Available

Home Equity Loan

Home Equity Line of Credit

Cash-out Refinance

Origination Fee

Depends on lender

Closing Fee

Depends on lender

Maintenance Fee

Depends on lender

Application Fee

Depends on lender

Loans - 9 / 10

Federal Trust is a flexible home loans marketplace that offers access to home equity loans in addition to a variety of other mortgage products. The company scores high with us because it can offer home equity loans, HELOCs, and cash out refinances from an array of top lenders including J.G Wentworth, Reliant Bank, and Allied Mortgage. Because Federal Trust can draw from such a large list of affiliates, the company can get the lowest rates on home equity loans for single & multi family homes, townhouses, condos, and mobile homes.

Federal Trust Qualifications

Loan Qualifications

Property Appraisal

Proof of Employment

Primary Residence

Minimum Home Equity

80%

Qualifications - 9 / 10

Qualification expectations for home equity loans for Federal Trust will largely depend on the lender the customer is eventually paired with. However, since certain information like creditworthiness and loan amount must be pre input, customers will only be receiving quotes from providers they are most likely to qualify for. Typical qualifications for home equity loans include at least 15%-20% equity, debt to income ratio of 40%-50%, minimum credit score of 620, and a strong history of timely mortgage payments.

Federal Trust Customer Experience

Site Features & Technology

Online Application

Online Quote

Consumer Experience - 9.5 / 10

Federal Trust offers an intuitive and quick online quote process. The application interface is extremely easy to understand and requires minimum information to complete. Prospective customers must only provide the type of home, zip code, property value, estimated credit score, birthday, email and phone number. It must be noted that at this point in the process, Federal Trust requires you to provide a social security number to see quotes.To date, Federal Trust has no complaints lodged with the Consumer Financial Protection Bureau, however this can be chalked up to the fact that the company is somewhat new.

Federal Trust Reputation

Nationwide Mortgage Licensing System ID

1136

Trust Pilot Rating

9.3 out of 10

BBB Rating

A-

Number of BBB Positive Reviews

86

Number of BBB Negative Reviews

63

Date Collected

2018-01-29

Reputation - 8.5 / 10

Since Federal Trust is a relatively new marketplace, there is very little in the way of data to judge the company's reputation. The company is, however, an affiliate of LendingTree, which has a BBB grade of A- and a majority of positive reviews with the organization. Additionally, the company also boasts a Trustpilot score of 9.3 with an incredible 95% favorable reviews. Online customer reviews overwhelmingly point toward convenience and ease of use.